Financial Supplement
Table of Contents		First Quarter 2022

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2022 Outlook	11
Consolidated Quarterly Statements of Operations	13
Funds From Operations and Core Funds From Operations	14
Adjusted Funds From Operations	15
Balance Sheet Information
Consolidated Balance Sheets	16
Components of Net Asset Value	17
Debt Maturities	18
Debt Analysisand Covenant Compliance	19
Internal Growth
Same-Capital Operating Trend Summary	20
Summary of Leasing Activity- Signed	21
Summary of Leasing Activity- Renewed	22
Lease Expirations- By Size	23
Top 20 Customers by Annualized Rent	24
Occupancy Analysis	25
External Growth
Development Lifecycle- Committed Active Development	26
Construction Projects in Progress	27
Historical Capital Expenditures and Investments in Real Estate	28
Development Lifecycle - Held for Development	29
Acquisitions / Dispositions / Joint Ventures	30
Unconsolidated Joint Ventures	31
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation& Amortization and Financial Ratios	32
Management Statements on Non-GAAP Measures	33
Forward-Looking Statements	35

		Financial Supplement
Corporate Information		First Quarter 2022

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2022, the company’s 291 data centers, including 50 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 35.8 million square feet, excluding approximately 8.1 million square feet of space under active development and 2.6 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia and Africa. For additional information, please visit the company’s website at https://www.digitalrealty.com/.

Corporate Headquarters

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX  78735Telephone: (737) 281-0101
Website: https://www.digitalrealty.com/

Senior Management

Chief Executive Officer: A. William Stein
President & Chief Financial Officer: Andrew P. Power
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Corey J. Dyer
Chief Operating Officer: Erich J. Sanchack

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com/

Analyst Coverage

BMO
	Bank of America			BMO Capital		Cowen &
Argus Research	Merrill Lynch	Barclays	Berenberg	Markets	Citigroup	Company
Marie Ferguson	David Barden	Brendan Lynch	Nate Crossett	Ari Klein	Michael Rollins	Michael Elias
(212) 425-7500	(646) 855-1320	(212) 526-9428	(646) 949-9030	(212) 885-4103	(212) 816-1116	(646) 562-1358
Credit Suisse	Deutsche Bank	Edward Jones	Evercore ISI	Green Street Advisors	J.P. Morgan	Jefferies
Sami Badri	Matthew Niknam	Kyle Sanders	Irvin Liu	David Guarino	Richard Choe	Jonathan Petersen
(212) 538-1727	(212) 250-4711	(314) 515-0198	(415) 800-0183	(949) 640-8780	(212) 662-6708	(212) 284-1705
MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	Raymond James	RBC Capital Markets	Stifel
Nick Del Deo	Simon Flannery	Matthew Dolgin	Jonathan Chaplin	Frank Louthan	Jonathan Atkin	Erik Rasmussen
(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-9876	(404) 442-5867	(415) 633-8589	(212) 271-3461
TD Securities	Truist Securities	UBS	Wells Fargo	William Blair	Wolfe Research
Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen	Andrew Rosivach
(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513	(646) 582-9250

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at www.digitalrealty.com.

3

		Financial Supplement
Corporate Information (Continued)		First Quarter 2022

Stock Listing Information

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:

Common Stock:	DLR
Series J Preferred Stock:	DLRPRJ
Series K Preferred Stock:	DLRPRK
Series L Preferred Stock:	DLRPRL

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+
Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Common Stock Price Performance

The following summarizes recent activity of Digital Realty’s common stock (DLR):

	Three Months Ended
	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
High price		$177.15		$178.22		$168.30		$164.04		$150.43
Low price		$130.10		$139.31		$143.01		$140.29		$124.65
Closing price, end of quarter		$141.80		$176.87		$144.45		$150.46		$140.84
Average daily trading volume		1,661,700		1,242,203		1,239,685		1,293,054		1,809,056
Indicated dividend per common share (1)		$4.88		$4.64		$4.64		$4.64		$4.64
Closing annual dividend yield, end of quarter		3.4%		2.6%		3.2%		3.1%		3.3%
Shares and units outstanding, end of quarter (2)		290,956,547		290,346,784		290,340,867		289,658,561		289,113,581
Closing market value of shares and units outstanding (3)		$41,257,638		$51,353,636		$41,939,738		$43,582,029		$40,718,757

(1) On an annualized basis.

(2) As of March 31, 2022, the total number of shares and units includes 284,666,082 shares of common stock, 4,386,944 common units held by third parties and 1,903,521 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.

(3) Dollars in thousands as of the end of the quarter.

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

4

Ownership Structure		Financial Supplement
As of March 31, 2022		First Quarter 2022

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	284,666,082	97.8%
Third-Party Unitholders	4,386,944	1.5%
Directors, Officers and Others (3)	1,903,521	0.7%
Total	290,956,547	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 284,666,082 general partnership common units, 4,386,944 common units held by third parties and 1,903,521 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.

(3) Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.

5

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022

Shares and Units at End of Quarter	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
Common shares outstanding		284,666,082		284,415,013		283,846,802		282,603,152		281,372,310
Common units outstanding		6,290,465		5,931,771		6,494,065		7,055,409		7,741,271
Total Shares and Partnership Units		290,956,547		290,346,784		290,340,867		289,658,561		289,113,581
Enterprise Value
Market value of common equity (1)		$41,257,638		$51,353,636		$41,939,738		$43,582,029		$40,718,757
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		956,250
Total debt at balance sheet carrying value		14,388,215		13,448,210		14,087,539		13,927,821		13,256,839
Total Enterprise Value		$56,400,853		$65,556,846		$56,782,277		$58,264,850		$54,931,846
Total debt / total enterprise value		25.5%		20.5%		24.8%		23.9%		24.1%
Debt-plus-preferred-to-total-enterprise-value		26.8%		21.7%		26.1%		25.2%		25.9%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$29,444,273		$28,780,211		$28,033,614		$27,821,024		$26,830,520
Total Assets		36,680,546		36,369,560		35,847,648		36,151,220		35,542,491
Total Liabilities		18,429,107		17,845,778		18,040,369		17,945,483		17,157,070
Selected Operating Data
Total operating revenues		$1,127,323		$1,111,168		$1,133,136		$1,093,188		$1,090,391
Total operating expenses		986,087		979,671		948,769		907,561		897,873
Interest expense		66,725		71,762		71,417		75,014		75,653
Net income		76,911		1,090,397		136,543		125,797		394,675
Net income available to common stockholders		63,101		1,057,629		124,096		127,368		372,405
Financial Ratios
EBITDA (2)		$576,337		$1,512,560		$578,257		$618,945		$843,685
Adjusted EBITDA (3)		602,994		583,712		610,076		602,684		615,319
Net Debt to Adjusted EBITDA (4)		6.3x		6.1x		6.0x		6.0x		5.6x
Interest expense		66,725		71,762		71,417		75,014		75,653
Fixed charges (5)		91,657		97,271		96,740		98,457		100,601
Interest coverage ratio (6)		6.1x		6.0x		6.5x		6.1x		6.6x
Fixed charge coverage ratio (7)		5.5x		5.4x		5.8x		5.4x		5.8x
Profitability Measures
Net income per common share - basic		$0.22		$3.73		$0.44		$0.45		$1.32
Net income per common share - diluted		$0.22		$3.71		$0.44		$0.45		$1.32
Funds from operations (FFO) / diluted share and unit (8)		$1.60		$1.54		$1.54		$1.78		$1.49
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.67		$1.67		$1.65		$1.54		$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.59		$1.41		$1.60		$1.63		$1.61
Dividends per share and common unit		$1.22		$1.16		$1.16		$1.16		$1.16
Diluted FFO payout ratio (8) (10)		76.3%		75.3%		75.3%		65.2%		77.9%
Diluted Core FFO payout ratio (8) (11)		73.2%		69.4%		70.3%		75.3%		69.6%
Diluted AFFO payout ratio (9) (12)		76.7%		82.1%		72.4%		71.2%		72.1%
Portfolio Statistics
Buildings (13)		303		300		295		305		306
Data Centers (13)		291		287		282		291		290
Cross-connects (13)(14)		181,500		178,000		174,000		170,000		167,000
Net rentable square feet, excluding development space (13)		35,786,973		35,630,828		34,988,250		35,837,908		35,404,425
Occupancy at end of quarter (15)		83.3%		83.6%		84.2%		84.7%		85.3%
Occupied square footage (13)		29,801,451		29,774,698		29,471,445		30,352,404		30,215,898
Space under active development (16)		8,086,565		7,230,460		7,464,633		7,617,837		7,650,175
Space held for development (17)		2,646,137		2,682,456		2,088,701		1,958,306		2,217,118
Weighted average remaining lease term (years) (18)		4.8		4.7		4.8		4.7		4.8
Same-capital occupancy at end of quarter (15) (19)		82.9%		83.7%		83.9%		84.4%		84.6%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series C, series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable, and upon physical settlement of our September 2021 forward sale agreements.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 33. For a reconciliation of net income available to common stockholders to EBITDA, see page 32.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 32.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.

(5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.

(6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

(7) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(8) For definitions and discussion of FFO and core FFO, see page 33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 14.

(9) For a definition and discussion of AFFO, see page 33. For a reconciliation of core FFO to AFFO, see page 15.

(10) Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11) Diluted core FFO payout ratio is dividends declared per common share and unit divided by diluted core FFO per share and unit.

(12) Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(13) Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.

(14) Represents approximate amounts.

(15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held-for-sale.

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 26). Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 29). Excludes buildings held-for-sale.

(18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19) Represents buildings owned as of December 31, 2020 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2021-2022, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

Explanatory Note:Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

7

Digital Realty Trust
Earnings Release		First Quarter 2022

DIGITAL REALTY REPORTS FIRST QUARTER 2022 RESULTS

Austin, TX — April 28, 2022 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the first quarter of 2022. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾ Reported net income available to common stockholders of $0.22 per share in 1Q22, compared to $1.32 in 1Q21

◾ Reported FFO per share of $1.60 in 1Q22, compared to $1.50 in 1Q21

◾ Reported core FFO per share of $1.67 in 1Q22, compared to $1.67 in 1Q21

◾ Signed total bookings during 1Q22 expected to generate $167 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection

◾ Reiterated 2022 core FFO per share outlook of $6.80 - $6.90

Financial Results

Digital Realty reported revenues for the first quarter of 2022 of $1.1 billion, a 1% increase from the previous quarter and a 3% increase from the same quarter last year.

The company delivered first quarter of 2022 net income of $76.9 million, and net income available to common stockholders of $63.1 million, or $0.22 per diluted share, compared to $3.71 per diluted share in the previous quarter and $1.32 per diluted share in the same quarter last year. Net income available to common stockholders for both the previous quarter and same quarter last year benefited from gains on sale of investments.

Digital Realty generated first quarter of 2022 Adjusted EBITDA of $603 million, a 3% increase from the previous quarter and a 2% decrease over the same quarter last year.

The company reported first quarter of 2022 funds from operations of $465 million, or $1.60 per share, compared to $1.54 per share in the previous quarter and $1.50 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2022 core FFO per share of $1.67, compared to $1.67 per share in the previous quarter, and $1.67 per share in the same quarter last year.

Leasing Activity

In the first quarter, Digital Realty signed total bookings expected to generate $167 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection.

“Digital Realty delivered record bookings in the first quarter, driven by strong demand for data center solutions which is leading to a healthier overall fundamental dynamic and pricing environment,” said Digital Realty Chief Executive Officer A. William Stein. “We are proactively managing risks to guard against inflation and rising interest rates. Given the resiliency of our business, we believe we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees.”

The weighted-average lag between new leases signed during the first quarter of 2022 and the contractual commencement date was seven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $177 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2022 rolled up 3.3% on a cash basis and up 6.1% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		First Quarter 2022

New leases signed during the first quarter of 2022 are summarized by region as follows:

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$19,832	102,276		$194	7.9		$208
> 1 MW		83,810	627,605		134	77.3		90
Other (1)		103	4,178		25	—		—
Total		$103,745	734,059		$141	85.2		$101
EMEA (2)
0-1 MW		$17,032	73,085		$233	6.5		$220
> 1 MW		10,487	104,127		101	8.0		109
Other (1)		47	639		74	—		—
Total		$27,566	177,851		$155	14.5		$159
Asia Pacific (2)
0-1 MW		$1,874	5,020		$373	0.6		$275
> 1 MW		22,781	86,626		263	10.0		190
Other (1)		6	—		—	—		—
Total		$24,661	91,646		$269	10.6		$194
All Regions (2)
0-1 MW		$38,739	180,380		$215	15.0		$216
> 1 MW		117,078	818,358		143	95.3		102
Other (1)		156	4,817		32	—		—
Total		$155,973	1,003,555		$155	110.2		$118
Interconnection		$10,889	N/A		N/A	N/A		N/A
Grand Total		$166,861	1,003,555		$155	110.2		$118

Note: Totals may not foot due to rounding differences.

(1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(2) Based on quarterly average exchange rates during the three months ended March 31, 2022.

Investment Activity

During the first quarter, Digital Realty acquired a 2.6-acre land parcel in Zurich, Switzerland for approximately $21 million. The site is expected to support the development of approximately 14 megawatts of IT load.

Also during the first quarter, Digital Realty signed a long-term lease with a purchase option on a 24-acre land parcel in Paris, France. The total expected investment to rent and acquire the land is approximately $132 million. The site is expected to support the development of approximately 144 megawatts of IT load.

Finally, during the first quarter, BAM Digital Realty, a 50/50 joint venture between Digital Realty and Brookfield Infrastructure Partners, acquired a land parcel in Chennai, India for $34 million, of which Digital Realty’s pro rata share was approximately $17 million. The site is expected to support the development of approximately 100 megawatts of IT load.

Shortly after quarter-end, Digital Realty acquired eight acres of land in Dublin, Ireland for $7 million; 2.4-acres of land in Barcelona, Spain for $12 million; and 34 acres of land in Frankfurt, Germany, for $64 million.

9

Digital Realty Trust
Earnings Release		First Quarter 2022

Balance Sheet

Digital Realty had approximately $14.4 billion of total debt outstanding as of March 31, 2022, comprised of $14.2 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the first quarter of 2022, net debt-to-Adjusted EBITDA was 6.3x, debt-plus-preferred-to-total enterprise value was 26.8% and fixed charge coverage was 5.5x. Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.9x and fixed charge coverage was 5.7x.

During the first quarter of 2022, Digital Realty completed the following financing transactions.

● In mid-January, Digital Realty closed an offering of €750 million, or approximately $850 million, of 1.375% Euro bonds due 2032.

● In early February, Digital Realty redeemed all $450 million of its outstanding 4.75% notes due 2025.

● In late March, Digital Realty closed an offering of CHF100 million of 0.600% Swiss bonds due 2023 and CHF150 million of 1.700% Swiss bonds due 2027.

Subsequent to quarter-end, Digital Realty upsized its global revolving credit facility from $3.0 billion to $3.75 billion.

10

Digital Realty Trust
Earnings Release		First Quarter 2022

2022 Outlook

Digital Realty reiterated its 2022 core FFO per share outlook of $6.80-$6.90. The assumptions underlying the outlook are summarized in the following table.

	As of	As of
Top-Line and Cost Structure	February 17, 2022	April 28, 2022
Total revenue	$4.700 - $4.800 billion	$4.700 - $4.800 billion
Net non-cash rent adjustments (1)	($35 - $40 million)	($45 - $50 million)
Adjusted EBITDA	$2.475 - $2.525 billion	$2.475 - $2.525 billion
G&A	$410 - $420 million	$410 - $420 million
Internal Growth
Rental rates on renewal leases
Cash basis	Flat	Slightly Positive
GAAP basis	Slightly positive	Up low-single-digits
Year-end portfolio occupancy	83.0% - 84.0%	83.0% - 84.0%
"Same-capital" cash NOI growth (2)	(2.5% - 3.5%)	(2.5% - 3.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.30 - $1.38	$1.25 - $1.35
U.S. Dollar / Euro	$1.10 - $1.15	$1.05 - $1.10
External Growth
Dispositions
Dollar volume	$0.5 - $1.0 billion	$0.5 - $1.0 billion
Cap rate	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (3)	$2.3 - $2.5 billion	$2.3 - $2.5 billion
Average stabilized yields	9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)	$5 - $10 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (5)	$210 - $220 million	$200 - $210 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.8 - $2.0 billion	$1.8 - $2.0 billion
Pricing	1.5% - 2.0%	1.5% - 2.0%
Timing	Early & Late 2022	Early & Late 2022
Net income per diluted share	$1.05 - $1.10	$1.05 - $1.10
Real estate depreciation and (gain) / loss on sale	$5.35 - $5.35	$5.35 - $5.35
Funds From Operations / share (NAREIT-Defined)	$6.40 - $6.45	$6.40 - $6.45
Non-core expenses and revenue streams	$0.40 - $0.45	$0.40 - $0.45
Core Funds From Operations / share	$6.80 - $6.90	$6.80 - $6.90
Foreign currency translation adjustments	$0.10 - $0.10	$0.15 - $0.15
Constant-Currency Core Funds From Operations / share	$6.90 - $7.00	$6.95 - $7.05

(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2) The “same-capital” pool includes properties owned as of December 31, 2020 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2021-2022, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

(4) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

(5) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

11

Digital Realty Trust
Earnings Release		First Quarter 2022

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, core FFO and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO and core FFO are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on April 28, 2022, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s first quarter 2022 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and President & Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 6375682 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until May 28, 2022. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 6813906. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the world’s leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™)solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty’s global data center footprint gives customers access to the connected communities that matter to them with over 290 facilities in nearly 50 metros across 25 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power

President & Chief Financial Officer

Digital Realty

(415) 738-6500

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

12

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022

	Three Months Ended
	31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Rental revenues	$751,962	$763,117	$773,195	$768,826	$754,544
Tenant reimbursements - Utilities	224,547	195,340	189,060	169,743	184,973
Tenant reimbursements - Other	51,511	58,528	57,666	60,261	59,328
Interconnection & other	93,530	89,850	90,983	90,565	89,061
Fee income	5,757	4,133	3,255	3,628	2,426
Other	15	200	18,977	165	59
Total Operating Revenues	$1,127,323	$1,111,167	$1,133,135	$1,093,189	$1,090,391
Utilities	$241,239	$213,933	$209,585	$185,010	$176,046
Rental property operating	194,354	205,250	196,743	198,206	185,733
Property taxes	46,526	42,673	55,915	42,795	49,005
Insurance	3,698	3,507	4,718	5,703	3,498
Depreciation & amortization	382,132	378,883	369,035	368,981	369,733
General & administration	96,435	103,705	97,082	94,956	97,568
Severance, equity acceleration, and legal expenses	2,077	1,003	1,377	2,536	2,427
Transaction and integration expenses	11,968	12,427	13,804	7,075	14,120
Impairment of investments in real estate	—	18,291	—	—	—
Other expenses	7,657	(1)	510	2,298	(257)
Total Operating Expenses	$986,087	$979,669	$948,770	$907,561	$897,872
Operating Income	$141,236	$131,498	$184,365	$185,627	$192,519
Equity in earnings (loss) of unconsolidated joint ventures	60,958	(7,714)	40,884	52,143	(23,031)
Gain / (loss) on sale of investments	2,770	1,047,011	(635)	499	333,921
Interest and other (expense) income, net	3,051	(4,349)	(2,947)	10,124	(7,186)
Interest (expense)	(66,725)	(71,762)	(71,417)	(75,014)	(75,653)
Income tax (expense)	(13,244)	(3,961)	(13,709)	(47,582)	(7,547)
Loss from early extinguishment of debt	(51,135)	(325)	—	—	(18,347)
Net Income	$76,911	$1,090,397	$136,541	$125,799	$394,676
Net (income) attributable to noncontrolling interests	(3,629)	(22,587)	(2,266)	(4,544)	(8,756)
Net Income Attributable to Digital Realty Trust, Inc.	$73,282	$1,067,811	$134,275	$121,255	$385,920
Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(10,181)	(11,885)	(13,514)
Gain on / (Issuance costs associated with) redeemed preferred stock	—	—	—	18,000	—
Net Income Available to Common Stockholders	$63,101	$1,057,630	$124,094	$127,370	$372,406
Weighted-average shares outstanding - basic	284,525,992	283,869,662	283,105,966	281,791,855	281,094,798
Weighted-average shares outstanding - diluted	285,025,099	284,868,184	283,799,538	282,433,857	281,916,961
Weighted-average fully diluted shares and units	290,662,421	290,893,110	290,228,785	289,484,805	289,199,445
Net income per share - basic	$0.22	$3.73	$0.44	$0.45	$1.32
Net income per share - diluted	$0.22	$3.71	$0.44	$0.45	$1.32

13

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		First Quarter 2022

	Three Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Net Income Available to Common Stockholders		$63,101	$1,057,630	$124,094	$127,370	$372,406
Adjustments:
Non-controlling interest in operating partnership		1,600	23,100	3,000	3,200	9,800
Real estate related depreciation & amortization (1)		374,162	372,447	362,728	363,640	364,697
Unconsolidated JV real estate related depreciation & amortization		29,320	24,146	21,293	20,983	19,378
(Gain) on real estate transactions (2)		(2,770)	(1,047,010)	(63,798)	(499)	(333,921)
Impairment of investments in real estate		-	18,291	-	-	-
Funds From Operations - diluted		$465,412	$448,602	$447,317	$514,694	$432,360
Weighted-average shares and units outstanding - basic		290,163	289,895	289,542	288,843	288,377
Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211
Funds From Operations per share - basic		$1.60	$1.55	$1.54	$1.78	$1.50
Funds From Operations per share - diluted (3)		$1.60	$1.54	$1.54	$1.78	$1.50

	Three Months Ended
Reconciliation of FFO to Core FFO		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Funds From Operations - diluted		$465,412	$448,602	$447,317	$514,694	$432,360
Other non-core revenue adjustments (4)		13,916	9,859	(18,066)	(11,122)	(59)
Transaction and integration expenses		11,968	12,427	13,804	7,075	14,120
Loss from early extinguishment of debt		51,135	325	-	-	18,347
(Gain on) / Issuance costs associated with redeemed preferred stock		-	-	-	(18,000)	-
Severance, equity acceleration, and legal expenses (5)		2,077	1,003	1,377	2,536	2,427
(Gain) / Loss on FX revaluation		(67,676)	14,308	33,773	(51,649)	34,072
Other non-core expense adjustments		7,657	(1)	1,004	2,298	(19,239)
Core Funds From Operations - diluted		$484,490	$486,525	$479,209	$445,832	$482,027
Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211
Core Funds From Operations per share - diluted (3)		$1.67	$1.67	$1.65	$1.54	$1.67

(1) Real Estate Related Depreciation & Amortization	Three Months Ended
		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Depreciation & amortization per income statement		$382,132	$378,883	$369,035	$368,981	$369,733
Non-real estate depreciation		(7,970)	(6,436)	(6,307)	(5,341)	(5,036)
Real Estate Related Depreciation & Amortization		$374,162	$372,447	$362,728	$363,640	$364,697

(2) For the fourth quarter 2021, the gain pertains to the contribution of 10 operating data center properties to Digital Core REIT in connection with the listing of Digital Core REIT as a standalone public company traded on the Singapore Exchange in December 2021. For the third quarter 2021, the gain of $64 million represents Digital Realty’s share of a gain recognized by an unconsolidated joint venture from the sale of a portfolio of assets owned by the entity and is included in equity in earnings of unconsolidated joint ventures in our consolidated income statement.

(3) For all periods presented, we have excluded the effect of dilutive series C, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements. See above for calculations of diluted FFO and the share count detail section that follows the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and core FFO, see the definitions section.

(4) Includes lease termination fees and certain other adjustments that are not core to our business. For the third quarter 2021, includes a $19 million promote received related to a sale of portfolio of assets within an unconsolidated joint venture. The promote is included in Other revenue in our consolidated income statement.

(5) Relates to severance and other charges related to the departure of company executives and integration-related severance.

14

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		First Quarter 2022

	Three Months Ended
Reconciliation of Core FFO to AFFO		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Core FFO available to common stockholders and unitholders		$484,490	$486,525	$479,209	$445,832	$482,027
Adjustments:
Non-real estate depreciation		7,970	6,436	6,307	5,341	5,036
Amortization of deferred financing costs		3,634	3,515	3,625	3,718	3,538
Amortization of debt discount/premium		1,214	1,107	1,138	1,166	1,134
Non-cash stock-based compensation expense		14,453	15,097	15,082	15,578	16,097
Straight-line rental revenue		(18,810)	(16,497)	(11,969)	(16,139)	(18,492)
Straight-line rental expense		4,168	5,753	7,862	7,175	6,709
Above- and below-market rent amortization		335	910	1,165	1,857	2,136
Deferred tax expense / (benefit)		(1,604)	(13,731)	2,112	35,522	(4,509)
Leasing compensation & internal lease commissions		13,261	9,564	11,142	11,078	11,042
Recurring capital expenditures (1)		(46,770)	(87,550)	(50,800)	(39,231)	(39,522)
AFFO available to common stockholders and unitholders (2)		$462,341	$411,130	$464,872	$471,898	$465,196
Weighted-average shares and units outstanding - basic		290,163	289,895	289,542	288,843	288,377
Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211
AFFO per share - diluted (3)		$1.59	$1.41	$1.60	$1.63	$1.61
Dividends per share and common unit		$1.22	$1.16	$1.16	$1.16	$1.16
Diluted AFFO Payout Ratio		76.7%	82.1%	72.4%	71.2%	72.1%

	Three Months Ended
Share Count Detail		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Weighted Average Common Stock and Units Outstanding		290,163	289,895	289,542	288,843	288,377
Add: Effect of dilutive securities		499	998	686	642	834
Weighted Avg. Common Stock and Units Outstanding - diluted		290,662	290,893	290,228	289,485	289,211

(1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2) For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.

(3) For all periods presented, we have excluded the effect of dilutive series C, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.

15

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		First Quarter 2022

	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
Assets
Investments in real estate:
Real estate		$23,769,712		$23,625,451		$23,384,809		$23,287,853		$22,762,279
Construction in progress		3,523,484		3,213,387		3,238,388		3,270,570		2,904,642
Land held for future development		107,003		133,683		118,091		143,575		192,896
Investments in real estate		$27,400,199		$26,972,522		$26,741,289		$26,701,998		$25,859,817
Accumulated depreciation and amortization		(6,467,233)		(6,210,281)		(6,159,294)		(5,919,650)		(5,649,019)
Net Investments in Properties		$20,932,966		$20,762,241		$20,581,995		$20,782,348		$20,210,798
Investment in unconsolidated joint ventures		2,044,074		1,807,689		1,292,325		1,119,026		970,703
Net Investments in Real Estate		$22,977,040		$22,569,930		$21,874,320		$21,901,374		$21,181,501
Cash and cash equivalents		$157,964		$142,698		$116,002		$120,482		$221,140
Accounts and other receivables (1)		774,579		671,721		610,416		630,086		657,096
Deferred rent		545,666		547,385		552,850		539,379		524,200
Customer relationship value, deferred leasing costs & other intangibles, net		2,640,795		2,735,486		2,871,622		2,956,027		3,057,245
Goodwill		7,802,440		7,937,440		8,062,914		8,185,931		8,125,706
Operating lease right-of-use assets		1,361,942		1,405,441		1,442,661		1,452,633		1,495,869
Other assets		420,119		359,459		316,863		365,308		279,734
Total Assets		$36,680,546		$36,369,560		$35,847,648		$36,151,220		$35,542,491
Liabilities and Equity
Global unsecured revolving credit facilities		$943,325		$398,172		$832,322		$1,026,368		$451,007
Unsecured senior notes, net of discount		13,284,650		12,903,370		13,012,790		12,659,043		12,566,198
Secured debt and other, net of premiums		160,240		146,668		242,427		242,410		239,634
Operating lease liabilities		1,472,510		1,512,187		1,543,231		1,545,689		1,581,759
Accounts payable and other accrued liabilities		1,572,359		1,543,623		1,341,866		1,367,240		1,305,921
Deferred tax liabilities, net		649,112		666,451		725,955		742,127		650,543
Accrued dividends and distributions		—		338,729		—		—		—
Security deposits and prepaid rent		346,911		336,578		341,778		362,606		362,008
Total Liabilities		$18,429,107		$17,845,778		$18,040,369		$17,945,483		$17,157,070
Redeemable non-controlling interests - operating partnership		42,734		46,995		40,920		41,490		40,097
Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (2)		—		—		—		—		219,250
Series J Cumulative Redeemable Preferred Stock (3)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (4)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (5)		334,886		334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (6)		2,824		2,824		2,818		2,806		2,795
Additional paid-in capital		21,069,391		21,075,863		21,010,202		20,844,834		20,700,282
Dividends in excess of earnings		(3,916,854)		(3,631,929)		(4,359,033)		(4,153,407)		(3,952,497)
Accumulated other comprehensive income (loss), net		(188,844)		(173,880)		(111,560)		31,733		(77,783)
Total Stockholders' Equity		$17,698,207		$18,004,568		$17,274,117		$17,457,656		$17,623,737
Noncontrolling Interests
Noncontrolling interest in operating partnership		$444,029		$425,337		$459,918		$513,897		$571,292
Noncontrolling interest in consolidated joint ventures		66,470		46,882		32,324		192,694		150,295
Total Noncontrolling Interests		$510,499		$472,219		$492,242		$706,591		$721,587
Total Equity		$18,208,706		$18,476,787		$17,766,359		$18,164,247		$18,345,324
Total Liabilities and Equity		$36,680,546		$36,369,560		$35,847,648		$36,151,220		$35,542,491

(1) Net of allowance for doubtful accounts of $35,387 and $28,574 as of March 31, 2022 and December 31, 2021, respectively.

(2) SeriesC Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $0 and $201,250 liquidation preference, respectively ($25.00 per share), 0 and 8,050,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

(3) SeriesJ Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

(4) SeriesK Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

(5) SeriesL Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

(6) Common Stock: 284,666,082 and 284,415,013 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

16

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		First Quarter 2022

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$922,517
Campus	1,457,520
Other (4)	152,703
Total Cash NOI, Annualized	$2,532,740
less: Partners' share of consolidated JVs	(941)
Acquisitions / dispositions / expirations	(55,569)
FY 2022 backlog cash NOI and 1Q22 carry-over (stabilized) (5)	199,843
Total Consolidated Cash NOI, Annualized	$2,676,073
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$161,252
Other Income
Development and Management Fees (net), Annualized	$23,027
Other Assets
Pre-stabilized inventory, at cost (7)	$248,210
Land held for development	107,003
Development CIP (8)	3,523,484
less: Investment associated with FY21 Backlog NOI	(852,689)
Cash and cash equivalents	157,964
Accounts and other receivables, net	774,579
Other assets	420,119
less: Partners' share of consolidated JV assets	767
Total Other Assets	$4,379,437
Liabilities
Global unsecured revolving credit facilities	$959,713
Unsecured senior notes	13,388,664
Secured debt, excluding premiums	160,593
Accounts payable and other accrued liabilities	1,572,359
Deferred tax liabilities, net	649,112
Security deposits and prepaid rents	346,911
Backlog NOI cost to complete (9)	381,310
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	813,519
Total Liabilities	$19,027,182
Diluted Shares and Units Outstanding	291,456

(1) Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes Mitsubishi Corporation Digital Realty (MCDR) and Ascenty joint venture.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 34.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 1Q22 Cash NOI of $2.5 billion. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.

(4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5) Estimated cash NOI related to signed leasing expected to commence through March 31, 2022. Includes Digital Realty’s share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 31.

(7) Includes Digital Realty’s share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(8) See page 27 for further details on the breakdown of the construction in progress balance.

(9) Includes Digital Realty’s share of expected cost to complete at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

17

Debt Maturities		Financial Supplement
Unaudited and Dollars in Thousands		First Quarter 2022

	As of March 31, 2022
		Interest Rate
	Interest	Including
	Rate	Swaps	2022	2023	2024	2025	2026	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility - Unhedged	1.229%	1.229%	—	—	—	—	—	$892,334	$892,334
Yen revolving credit facility	0.590%	0.590%	—	—	—	67,379	—	—	67,379
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,389)
Total Global Unsecured Revolving Credit Facilities	1.184%	1.184%	—	—	—	67,379	—	$892,334	$943,325
Senior Notes
€300 million Floating Rate Notes due 2022	—	—	$332,010	—	—	—	—	—	$332,010
€300 million 0.125% Notes due 2022	0.125%	0.125%	332,010	—	—	—	—	—	332,010
₣100 million 0.600% Notes due 2023	0.600%	0.600%	—	108,390	—	—	—	—	108,390
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	—	$664,020	—	—	—	664,020
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	—	328,450	—	—	—	328,450
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	—	$525,520	—	—	525,520
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	—	719,355	—	—	719,355
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	—	$1,189,703	—	1,189,703
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	—	298,073	—	298,073
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	—	—	$162,585	162,585
$1.00 billion 3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	553,350	553,350
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	292,654	292,654
$900 million 3.600% Notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
£350 million 3.300% Notes due 2029	3.300%	3.300%	—	—	—	—	—	459,830	459,830
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	830,025	830,025
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	722,590	722,590
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	553,350	553,350
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,106,700	1,106,700
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	830,025	830,025
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	830,025	830,025
Unamortized discounts	—	—	—	—	—	—	—	—	(39,268)
Deferred financing costs	—	—	—	—	—	—	—	—	(64,746)
Total Senior Notes	2.105%	2.105%	$664,020	108,390	$992,470	$1,244,875	$1,487,776	$8,891,134	$13,284,650
Secured Debt
ICN10 Facilities	3.679%	3.679%	$782	—	—	—	—	$13,909	$14,691
Westin	3.290%	3.290%	—	—	—	—	—	135,000	135,000
Deferred financing costs	—	—	—	—	—	—	—	—	(353)
Total Secured Debt	3.328%	3.328%	$782	—	—	—	—	$148,909	$149,338
Other Debt
Digital Jubilee	1.449%	1.449%	—	$3,081	—	—	—	—	$3,081
Icolo loan	11.650%	11.650%	—	—	—	—	—	$7,821	7,821
Total Other Debt	8.767%	8.767%	—	$3,081	—	—	—	$7,821	$10,902
Total unhedged variable rate debt	—	—	$332,792	$3,081	—	$67,379	—	$906,243	$1,309,495
Total fixed rate / hedged variable rate debt	—	—	332,010	108,390	$992,470	1,244,875	$1,487,776	9,033,955	13,199,475
Total Debt	2.062%	2.062%	$664,802	$111,471	$992,470	$1,312,254	$1,487,776	$9,940,198	$14,508,971
Weighted Average Interest Rate			0.067%	0.623%	2.666%	2.075%	2.039%	2.153%	2.062%
Summary
Weighted Average Term to Initial Maturity									6.0 Years
Weighted Average Maturity (assuming exercise of extension options)									6.1 Years

Global Unsecured Revolving Credit Facility Detail As of March 31, 2022
	Maximum Available	Existing Capacity (2)	Currently Drawn
Global Unsecured Revolving Credit Facility	$3,274,858	$2,225,434	$959,713

(1) Assumes all extensions will be exercised. Subsequent to quarter-end, Digital Realty amended its Global Senior Credit Agreement to increase the size from $3.0 billion to $3.75 billion.

(2) Net of letters of credit issued of $89.7 million.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		First Quarter 2022

	As of March 31, 2022
				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios (1)	Required	Actual (2)	Actual (3)	Required	Actual
Total outstanding debt / total assets (4)	Less than 60%	44%	39%	Less than 60% (5)	37%
Secured debt / total assets (6)	Less than 40%	< 1%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	201%	223%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	6.7x	6.7x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	8.3x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	39%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	8.0x

(1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are, or will be, filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

(2) Ratios for the Unsecured Senior Notes listed on page18 except for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.

(3) Ratios for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029,1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.

(4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are, or will be, filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

(5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets.

(6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.

(7) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(8) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.

19

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		First Quarter 2022

Stabilized (“Same-Capital”) Portfolio (1)

	Three Months Ended
	31-Mar-22		31-Mar-21		% Change		31-Dec-21		% Change
Rental revenues		$582,356		$609,098		(4.4%)		$600,497		(3.0%)
Tenant reimbursements - Utilities		165,022		157,992		4.4%		150,372		9.7%
Tenant reimbursements - Other		43,726		47,552		(8.0%)		45,071		(3.0%)
Interconnection & other		80,779		80,509		0.3%		77,773		3.9%
Total Revenue		$871,884		$895,151		(2.6%)		$873,712		(0.2%)
Utilities		$180,262		$171,093		5.4%		$166,302		8.4%
Rental property operating		146,096		150,508		(2.9%)		153,571		(4.9%)
Property taxes		37,273		38,109		(2.2%)		33,029		12.8%
Insurance		3,198		2,521		26.8%		2,403		33.1%
Total Expenses		$366,828		$362,232		1.3%		$355,305		3.2%
Net Operating Income (2)		$505,056		$532,920		(5.2%)		$518,407		(2.6%)
Less:
Stabilized straight-line rent		($11,143)		$1,962		(667.8%)		($1,320)		744.1%
Above- and below-market rent		655		(1,211)		(154.1%)		283		131.3%
Cash Net Operating Income (3)		$515,543		$532,169		(3.1%)		$519,444		(0.8%)
Stabilized Portfolio occupancy at period end (4)		82.9%		84.6%		(1.7%)		83.7%		(0.8%)

(1) Represents buildings owned as of December 31, 2020 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2021-2022, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page34.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page34.

(4) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

20

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended March 31, 2022		First Quarter 2022

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	1Q22		LTM		1Q22		LTM		1Q22		LTM		1Q22		LTM
Annualized GAAP Rent		$38,739		$153,713		$117,078		$341,530		$156		$8,616		$155,973		$503,859
Kilowatt leased		14,976		53,255		95,250		282,801		—		—		110,226		336,056
NRSF		180,380		609,322		818,358		2,535,717		4,817		303,077		1,003,555		3,448,117
Weighted Average Lease Term (years)		3.9		3.6		8.0		7.8		3.8		13.7		7.3		7.6
Initial stabilized cash rent per Kilowatt		$213		$238		$99		$98		—		—		$120		$128
GAAP rent per Kilowatt		$216		$241		$102		$101		—		—		$118		$123
Leasing cost per Kilowatt		$21		$30		$28		$15		—		—		$27		$17
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$219		$244		$105		$103		—		—		$120		$128
Rental concessions by Kilowatt		$5		$5		$3		$4		—		—		$3		$3
Estimated operating expense by Kilowatt		$79		$93		$30		$26		—		—		$37		$36
Net rent per Kilowatt		$135		$145		$72		$73		—		—		$80		$88
Tenant improvements by Kilowatt		$1		$0		$2		$1		—		—		$2		$1
Leasing commissions by Kilowatt		$9		$13		$1		$1		—		—		$2		$3
Net effective rent per Kilowatt		$126		$132		$69		$71		—		—		$76		$84
Initial stabilized cash rent per NRSF		$212		$250		$138		$132		$31		$25		$158		$152
GAAP rent per NRSF		$215		$252		$143		$135		$27		$27		$155		$146
Leasing cost per NRSF		$20		$32		$39		$20		$3		$1		$36		$20
Net Effective Economics by NRSF (4)
Base rent by NRSF		$218		$255		$147		$138		$33		$28		$166		$124
Rental concessions by NRSF		$3		$3		$4		$5		$0		$0		$4		$4
Estimated operating expense by NRSF		$67		$88		$15		$20		$22		$1		$25		$30
Net rent per NRSF		$148		$165		$128		$114		$11		$28		$137		$89
Tenant improvements by NRSF		$1		$0		$3		$1		$0		$0		$3		$1
Leasing commissions by NRSF		$9		$14		$1		$1		$1		$0		$2		$3
Net effective rent per NRSF		$139		$150		$123		$112		$10		$27		$132		$85

(1) Excludes short-term, roof, storage and garage leases.

(2) Includes leases for new and re-leased space.

(3) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(4) All dollar amounts are per square foot averaged over lease term. Per Kilowatt metrics are presented in monthly values. Per NRSF are presented in yearly values.

Note: LTM is last twelve months, including current quarter. Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

21

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended March 31, 2022		First Quarter 2022

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	1Q22		LTM		1Q22		LTM		1Q22		LTM		1Q22		LTM
Leases renewed (Kilowatt)		33,975		124,213		13,652		116,752		—		—		47,627		240,965
Leases renewed (NRSF)		485,182		1,777,715		156,222		1,277,839		545,476		1,662,207		1,186,880		4,717,761
Leasing cost per Kilowatt		$0		$1		$91		$12		—		—		$45		$10
Leasing cost per NRSF		$0		$1		$96		$13		$20		$8		$22		$6
Weighted Term (years)		1.5		1.7		3.2		4.3		12.9		7.2		6.9		4.3
Cash Rent
Expiring cash rent per Kilowatt		$289		$316		$196		$158		—		—		$262		$239
Renewed cash rent per Kilowatt		$296		$320		$208		$143		—		—		$271		$234
% Change Cash Rent Per Kilowatt		2.6%		1.3%		5.9%		(9.4%)		—		—		3.3%		(2.2%)
Expiring cash rent per NRSF		$243		$265		$206		$173		$42		$29		$145		$157
Renewed cash rent per NRSF		$249		$268		$218		$157		$43		$30		$150		$154
% Change Cash Rent Per NRSF		2.6%		1.3%		5.9%		(9.4%)		3.4%		3.1%		3.3%		(1.8%)
GAAP Rent
Expiring GAAP rent per Kilowatt		$288		$314		$184		$150		—		—		$258		$234
Renewed GAAP rent per Kilowatt		$297		$320		$201		$141		—		—		$269		$234
% Change GAAP Rent Per Kilowatt		3.2%		1.9%		9.2%		(5.6%)		—		—		4.4%		(0.2%)
Expiring GAAP rent per NRSF		$242		$263		$193		$164		$36		$27		$141		$153
Renewed GAAP rent per NRSF		$249		$268		$211		$155		$43		$31		$149		$154
% Change GAAP Rent Per NRSF		3.2%		1.9%		9.2%		(5.6%)		18.8%		13.7%		6.1%		0.5%
Retention ratio (5)		80.9%		83.2%		47.1%		72.7%		78.4%		74.0%		72.9%		76.8%
Churn (6)		2.4%		8.0%		1.7%		4.5%		1.5%		6.2%		2.0%		6.0%

(1) Excludes short-term, roof, storage and garage leases.

(2) Rental rates represent annual estimated cash rent per kilowatt, adjusted for straight-line rents in accordance with GAAP.

(3) Per Kilowatt metrics are presented in monthly values. Per NRSF metrics are presented in yearly values.

(4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5) Based on square feet.

(6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed during the period, divided by recurring revenue at the beginning of the period.

Note: LTM is last twelve months, including current quarter. Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

22

Lease Expirations - By Size		Financial Supplement
Dollars in Thousands, Except Per Square Foot		First Quarter 2022

				% of	Annualized Rent Per		Annualized Rent Per								Rent Per kW
	Square Footage of	Annualized		Annualized	Occupied		Occupied Square		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year	Expiring Leases (1)	Rent (2)		Rent	Square Foot		Foot at Expiration		at Expiration		Leases		Per Month		Expiration
0 - 1 MW
Available	1,886,964		—	—		—		—		—		—		—		—
Month to Month (3)	133,397		$37,250	1.2%		$279		$279		$37,154		8,111		$383		$382
2022	1,276,773		382,926	12.5%		300		301		383,914		97,485		327		328
2023	1,251,286		301,865	9.9%		241		245		306,029		87,558		287		291
2024	765,041		137,394	4.5%		180		183		140,379		52,781		217		222
2025	449,208		81,465	2.7%		181		187		84,103		29,217		232		240
2026	244,978		38,672	1.3%		158		168		41,196		16,722		193		205
2027	231,395		30,566	1.0%		132		141		32,596		13,325		191		204
2028	67,118		6,191	0.2%		92		104		6,975		2,406		214		242
2029	41,488		5,129	0.2%		124		138		5,707		2,891		148		164
2030	66,036		6,037	0.2%		91		92		6,103		4,000		126		127
2031	46,872		8,682	0.3%		185		200		9,379		2,880		251		271
Thereafter	223,924		3,592	0.1%		16		16		3,619		1,717		174		176
Total / Wtd. Avg.	6,684,480		$1,039,770	34.0%		$217		$220		$1,057,155		319,095		$272		$276

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	2,088,152		—	—		—		—		—		—		—		—
Month to Month (3)	215,680		$30,911	1.0%		$143		$143		$30,911		19,516		$132		$132
2022	959,790		160,805	5.3%		168		168		160,954		92,012		146		146
2023	1,831,184		258,563	8.4%		141		144		262,781		152,467		141		144
2024	1,228,722		182,633	6.0%		149		155		190,579		113,182		134		140
2025	1,635,136		220,568	7.2%		135		143		233,895		149,433		123		130
2026	1,727,201		232,372	7.6%		135		146		251,345		163,176		119		128
2027	1,216,379		174,932	5.7%		144		156		189,933		119,384		122		133
2028	482,906		54,207	1.8%		112		128		61,924		46,663		97		111
2029	662,311		93,616	3.1%		141		165		109,213		83,427		94		109
2030	515,445		66,778	2.2%		130		144		74,193		50,662		110		122
2031	933,124		111,924	3.7%		120		138		128,981		97,253		96		111
Thereafter	1,434,101		166,555	5.4%		116		138		198,398		147,746		94		112
Total / Wtd. Avg.	14,930,131		$1,753,865	57.3%		$137		$147		$1,893,107		1,234,919		$118		$128

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,556,959		—	—		—		—		—		—		—		—
Month to Month (3)	31,889		$1,437	0.0%		$45		$45		$1,437		—		—		—
2022	330,100		11,956	0.4%		36		34		11,369		—		—		—
2023	1,147,057		27,971	0.9%		24		25		28,511		—		—		—
2024	374,384		16,726	0.5%		45		47		17,517		—		—		—
2025	944,361		41,704	1.4%		44		47		44,114		—		—		—
2026	709,346		21,728	0.7%		31		34		24,400		—		—		—
2027	322,923		12,712	0.4%		39		44		14,366		—		—		—
2028	193,008		10,217	0.3%		53		61		11,852		—		—		—
2029	754,200		27,573	0.9%		37		44		32,855		—		—		—
2030	634,267		25,843	0.8%		41		50		31,722		—		—		—
2031	71,651		2,193	0.1%		31		38		2,739		—		—		—
Thereafter	2,866,548		66,440	2.2%		23		31		87,599		—		—		—
Total / Wtd. Avg.	9,936,691		$266,499	8.7%		$32		$37		$308,481		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	5,532,075		—	—		—		—		—		—		—		—
Month to Month (3)	380,966		$69,598	2.3%		$183		$182		$69,502		—		—		—
2022	2,566,662		555,687	18.2%		217		217		556,237		—		—		—
2023	4,229,527		588,400	19.2%		139		141		597,321		—		—		—
2024	2,368,146		336,754	11.0%		142		147		348,475		—		—		—
2025	3,028,705		343,736	11.2%		113		120		362,112		—		—		—
2026	2,681,525		292,772	9.6%		109		118		316,942		—		—		—
2027	1,770,697		218,210	7.1%		123		134		236,895		—		—		—
2028	743,033		70,615	2.3%		95		109		80,752		—		—		—
2029	1,457,999		126,318	4.1%		87		101		147,775		—		—		—
2030	1,215,747		98,659	3.2%		81		92		112,018		—		—		—
2031	1,051,647		122,800	4.0%		117		134		141,099		—		—		—
Thereafter	4,524,572		236,588	7.7%		52		64		289,617		—		—		—
Total / Wtd. Avg.	31,551,302		$3,060,135	100.0%		$118		$125		$3,258,743		—		—		—

(1) For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2022, multiplied by 12.

(3) Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on amonth-to-month basis.

(4) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

23

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		First Quarter 2022

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	55		$335,939	9.8%	8.8
2	IBM	34		132,038	3.8%	2.2
3	Global Cloud Provider	52		120,128	3.5%	3.2
4	Oracle Corporation	31		117,456	3.4%	3.2
5	Facebook, Inc.	38		103,567	3.0%	3.9
6	Social Content Platform	13		100,329	2.9%	5.1
7	Fortune 25 Investment Grade-Rated Company	25		88,219	2.6%	4.2
8	Equinix	20		87,982	2.6%	7.7
9	LinkedIn Corporation	7		68,792	2.0%	2.5
10	Fortune 500 SaaS Provider	15		66,328	1.9%	4.4
11	Cyxtera	15		63,220	1.8%	10.1
12	Fortune 25 Tech Company	44		60,654	1.8%	2.9
13	Rackspace	21		54,639	1.6%	10.5
14	Lumen Technologies, Inc.	128		53,910	1.6%	10.6
15	Social Media Platform	8		43,666	1.3%	8.8
16	Comcast Corporation	32		42,591	1.2%	4.1
17	JPMorgan Chase & Co.	17		41,435	1.2%	2.3
18	Verizon	99		40,955	1.2%	3.3
19	AT&T	75		36,987	1.1%	2.8
20	Zayo	125		33,298	1.0%	1.8
	Total / Weighted Average			$1,692,133	49.3%	6.1

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of March 31, 2022, multiplied by 12.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates. Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

24

Occupancy Analysis		Financial Supplement
Dollars in Thousands		First Quarter 2022

	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy (5)		White Space	Data Center
Metropolitan Area	Square Feet (1)	Development (2)	Development (3)	Rent (4)		31-Mar-22	31-Dec-21	IT Load (6)	Count
North America
Northern Virginia	5,371,754	1,599,267	128,234		$562,657	91.2%	91.1%	462.9	23
Chicago	3,427,745	—	148,101		309,170	88.6%	89.1%	162.7	10
New York	2,069,718	217,124	72,832		204,794	79.0%	82.4%	53.4	13
Dallas	3,530,748	136,445	28,094		190,007	79.2%	79.8%	101.2	21
Silicon Valley	1,591,835	—	130,752		180,170	96.3%	97.4%	94.6	15
San Francisco	843,339	—	—		66,202	65.6%	66.1%	31.5	4
Phoenix	795,697	—	—		65,417	68.0%	72.1%	42.5	2
Atlanta	525,414	41,661	313,581		53,126	94.3%	95.1%	7.1	4
Portland	465,515	690,063	—		46,020	96.6%	98.4%	42.5	3
Seattle	398,649	—	—		40,888	82.8%	85.3%	19.5	1
Los Angeles	584,248	17,805	—		38,404	78.3%	83.3%	15.0	2
Toronto	300,307	427,049	—		26,033	85.7%	85.6%	27.0	2
Boston	437,121	—	50,649		21,879	51.5%	49.9%	19.0	3
Houston	392,816	—	13,969		18,396	70.4%	70.4%	13.0	6
Miami	226,314	—	—		8,094	84.6%	89.9%	1.3	2
Minneapolis/St. Paul	328,765	—	—		6,945	100.0%	100.0%	—	1
Austin	85,688	—	—		6,293	52.5%	52.5%	4.3	1
Charlotte	95,499	—	—		5,097	89.5%	89.5%	1.5	3
North America Total/Weighted Average	21,471,171	3,129,414	886,212		$1,849,594	84.5%	85.4%	1,099.0	116
EMEA
London	1,433,309	64,272	95,832		$215,899	67.5%	68.0%	103.9	16
Frankfurt	1,893,633	1,327,972	—		200,457	84.6%	80.1%	118.0	27
Amsterdam	1,221,755	46,258	94,452		142,227	71.0%	70.2%	112.8	13
Paris	638,219	282,458	—		76,786	79.0%	82.7%	49.9	10
Dublin	475,100	78,029	—		51,513	76.4%	77.3%	32.5	9
Marseille	389,630	165,495	—		49,485	79.8%	74.0%	31.8	4
Vienna	330,493	161,204	—		44,725	81.4%	79.5%	25.6	3
Zurich	284,781	313,509	—		39,384	79.8%	82.5%	17.0	3
Madrid	217,056	225,140	—		34,939	77.2%	76.1%	11.8	4
Brussels	171,532	186,531	—		23,847	73.0%	62.6%	7.5	4
Stockholm	193,057	49,825	—		20,618	66.9%	63.7%	14.2	6
Copenhagen	162,240	164,465	—		16,924	78.2%	78.7%	7.1	3
Dusseldorf	110,376	106,997	—		15,473	60.9%	59.7%	11.0	3
Athens	55,187	92,570	—		8,100	69.2%	74.4%	1.7	3
Zagreb	19,112	7,114	—		2,399	55.3%	55.3%	0.9	1
Nairobi	15,715	—	—		1,721	62.8%	61.9%	0.5	1
Mombasa	10,119	37,039	—		1,100	53.2%	53.2%	0.3	2
Maputo	—	16,652	—		—	—	—	0.7	1
EMEA Total/Weighted Average	7,621,313	3,325,529	190,284		$945,595	76.0%	74.6%	547.1	113
Asia Pacific
Singapore	882,847	—	—		$166,561	93.1%	84.3%	78.5	3
Sydney	226,697	222,838	—		27,519	86.4%	86.4%	14.9	4
Melbourne	146,570	—	—		16,051	62.8%	62.8%	9.6	2
Hong Kong	99,129	185,622	—		125	0.1%	—	7.5	1
Seoul	—	162,260	—		111	—	—	—	1
Osaka	—	235,532	—		—	—	—	—	1
Asia Pacific Total/Weighted Average	1,355,243	806,252	—		$210,368	81.9%	76.2%	110.5	12
Non-Data Center Properties	263,668	—	—		$1,068	83.1%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	30,711,395	7,261,195	1,076,496		$3,006,624	82.3%	82.5%	1,756.6	241
Managed Unconsolidated Joint Ventures
Northern Virginia	1,482,337	—	—		$100,432	93.8%	93.8%	98.7	8
Silicon Valley	414,267	—	—		25,170	100.0%	100.0%	10.9	4
Hong Kong	186,300	—	—		20,360	87.3%	87.3%	11.0	1
Toronto	104,308	—	—		13,302	100.0%	100.0%	6.8	1
Los Angeles	196,517	—	—		5,207	100.0%	100.0%	—	2
Managed Unconsolidated Portfolio Total/Weighted Average (7)	2,383,729	—	—		$164,471	95.2%	95.2%	127.3	16
Managed Portfolio Total/Weighted Average	33,095,124	7,261,195	1,076,496		$3,171,094	83.2%	83.4%	1,883.9	257
Digital Realty Share Total/Weighted Average (8)	31,551,302	7,261,195	1,076,496		$3,060,135	82.5%	82.8%	1,902.9
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,043,614	183,498	1,012,604		147,345	96.9%	96.9%	89.4	20
Tokyo	1,059,436	239,895	—		52,599	66.8%	70.3%	34.5	3
Osaka	277,031	248,590	—		51,633	94.6%	94.5%	28.5	3
Rio De Janeiro	99,223	—	—		11,249	100.0%	100.0%	8.0	2
Fortaleza	94,205	—	—		9,653	100.0%	100.0%	6.2	1
Seattle	51,000	—	—		7,770	100.0%	100.0%	9.0	1
Santiago	67,340	45,209	180,835		6,656	68.7%	68.7%	6.3	2
Queretaro	—	108,178	376,202		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	2,691,849	825,370	1,569,641		$286,904	84.4%	86.0%	181.8	34
Portfolio Total/Weighted Average	35,786,973	8,086,565	2,646,137		$3,457,999	83.3%	83.6%	2,065.7	291

(1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2) Space under active development includes current Base Building and Data Center projects in progress (see page26).

(3) Space held for development includes space held for future Data Center development, and excludes space under active development (see page29).

(4) Annualized base rent represents themonthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2022, multiplied by 12.

(5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space

(7) Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

(8) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownershippercentage.

25

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		First Quarter 2022

	Base Building Construction								Data Center Construction												Total Active Development
			A		B		A + B					A		B		A + B							A		B		A + B
																			Average	Pre-tax
		Total	Current		Future		Total			Total		Current		Future		Total			Expected	Est.		Total	Current		Future		Total
	# of	Square	Investment		Funding		Expected		# of	Square		Investment		Funding		Expected		%	Completion	Stabilized	# of	Square	Investment		Funding		Expected
Metropolitan Area	Locations	Feet	(1)		Req. (2)		Investment (3)		Locations	Feet	kW	(1)		Req. (2)		Investment (3)		Leased	Period	Cash Yield (4)	Locations	Feet	(1)		Req. (2)		Investment (3)
Atlanta	—	—		—		—		—	1	41,661	2,000		$25,224		$10,226		$35,450	—	3Q22		1	41,661		$25,224		$10,226		$35,450
Dallas	—	—		—		—		—	2	136,445	11,501		32,436		87,291		119,727	86.9%	4Q22		2	136,445		32,436		87,291		119,727
Los Angeles	—	—		—		—		—	1	17,805	1,200		3,044		34,392		37,435	—	3Q23		1	17,805		3,044		34,392		37,435
New York (5)	1	32,242		$2,130		$16,087		$18,217	2	184,882	6,000		150,678		55,117		205,795	40.0%	4Q22		3	217,124		152,809		71,203		224,012
Northern Virginia (6)	3	934,118		27,035		172,712		199,747	4	665,150	86,000		138,658		473,995		612,654	81.4%	4Q22		5	1,599,267		165,693		646,707		812,401
Portland	1	552,862		131,686		48,127		179,813	1	137,201	16,000		131,519		21,908		153,427	100.0%	2Q22		2	690,063		263,205		70,035		333,240
Toronto	1	126,636		17,906		5,666		23,572	2	300,413	18,800		64,860		133,397		198,257	85.1%	4Q22		2	427,049		82,766		139,063		221,829
North America	6	1,645,858		$178,757		$242,592		$421,349	13	1,483,556	141,501		$546,419		$816,327		$1,362,745	80.8%		9.2%	16	3,129,414		$725,176		$1,058,918		$1,784,094
Amsterdam	—	—		—		—		—	1	46,258	4,000		$27,384		$11,966		$39,350	100.0%	4Q22		1	46,258		$27,384		$11,966		$39,350
Athens	—	—		—		—		—	1	92,570	6,800		12,958		61,754		74,712	—	1Q23		1	92,570		12,958		61,754		74,712
Brussels	1	79,551		$5,863		$34,392		$40,254	2	106,981	8,250		34,834		82,662		117,496	—	4Q22		2	186,531		40,697		117,053		157,751
Copenhagen	1	100,556		35,306		13,946		49,252	2	63,909	5,950		32,676		72,146		104,822	3.4%	4Q22		2	164,465		67,983		86,091		154,074
Dublin	—	—		—		—		—	1	78,029	6,840		3,077		90,160		93,236	—	2Q23		1	78,029		3,077		90,160		93,236
Dusseldorf	1	72,791		12,397		1,682		14,079	1	34,206	3,133		34,030		20,786		54,817	16.0%	4Q22		1	106,997		46,427		22,469		68,896
Frankfurt	4	927,174		94,759		131,556		226,315	3	400,798	32,360		175,904		298,913		474,818	50.1%	1Q23		7	1,327,972		270,663		430,469		701,132
London	—	—		—		—		—	1	64,272	3,066		20,356		20,729		41,085	—	1Q23		1	64,272		20,356		20,729		41,085
Madrid	1	150,093		32,674		6,685		39,359	1	75,047	5,000		23,286		41,408		64,694	100.0%	4Q22		1	225,140		55,960		48,093		104,053
Maputo	—	—		—		—		—	1	16,652	370		2,670		7,652		10,322	—	2Q22		1	16,652		2,670		7,652		10,322
Marseille	—	—		—		—		—	1	165,495	13,600		97,655		81,926		179,581	40.4%	3Q22		1	165,495		97,655		81,926		179,581
Mombasa	1	18,519		1,413		267		1,680	1	18,519	855		6,947		2,200		9,146	—	2Q22		1	37,039		8,360		2,466		10,826
Paris	—	—		—		—		—	3	282,458	31,600		276,962		140,962		417,924	20.3%	4Q22		3	282,458		276,962		140,962		417,924
Stockholm	—	—		—		—		—	1	49,825	2,625		15,962		13,335		29,296	—	2Q22		1	49,825		15,962		13,335		29,296
Vienna	1	80,602		12,132		48,359		60,492	1	80,602	5,000		12,350		86,346		98,697	—	4Q23		1	161,204		24,482		134,706		159,188
Zagreb	—	—		—		—		—	1	7,114	700		734		6,791		7,526	—	2Q23		1	7,114		734		6,791		7,526
Zurich	—	—		—		—		—	1	313,509	24,000		210,191		170,305		380,496	62.6%	1Q23		1	313,509		210,191		170,305		380,496
EMEA	10	1,429,286		$194,544		$236,887		$431,431	23	1,896,244	154,149		$987,978		$1,210,040		$2,198,019	34.3%		11.1%	27	3,325,529		$1,182,522		$1,446,927		$2,629,449
Hong Kong	1	185,622		$24,959		$1,415		$26,374	—	—	—		—		—		—		—		1	185,622		$24,959		$1,415		$26,374
Osaka	1	168,237		30,257		23,763		54,020	1	67,295	6,000		$23,194		$66,432		$89,625	—	2Q23		1	235,532		53,451		90,195		143,645
Seoul	—	—		—		—		—	1	162,260	12,000		125,433		20,741		146,174	—	2Q22		1	162,260		125,433		20,741		146,174
Sydney (7)	2	155,249		74,471		15,066		89,537	1	67,589	7,200		52,918		13,586		66,505	100.0%	2Q22		2	222,838		127,389		28,653		156,042
Asia Pacific	4	509,108		$129,687		$40,244		$169,931	3	297,144	25,200		$201,545		$100,759		$302,304	28.6%		9.9%	5	806,252		$331,232		$141,003		$472,236
Total	20	3,584,251		$502,988		$519,723		$1,022,711	39	3,676,944	320,850		$1,735,942		$2,127,126		$3,863,068	54.4%		10.4%	48	7,261,195		$2,238,930		$2,646,849		$4,885,779

(1) Represents costs incurred through March 31, 2022.

(2) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(3) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

(4) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

(5) Includes the first phase of a fully-leased build-to-suit.

(6) Northern Virginia includes 263,302 square feet of pre-leased Base Building.

(7) Sydney includes 135,178 square feet of pre-leased Base Building.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.

26

Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		First Quarter 2022

											Total Cost/
	Net Rentable				Current		Future		Total		Net Rentable
Construction Projects in Progress	Square Feet (5)		Acreage		Investment (6)		Investment (7)		Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)		N/A		52.9		$107,003		—		$107,003
Development Construction in Progress
Land - Current Development (1)		N/A		742.7		$1,015,295		—		$1,015,295
Space Held for Development (1)		1,076,496		N/A		207,055		—		207,055		$172
Base Building Construction (2)		3,584,251		N/A		502,988		$519,723		1,022,711		320
Data Center Construction		3,676,944		N/A		1,735,942		2,127,126		3,863,068		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		12,060		—		12,060
Campus, Tenant Improvements & Other (4)		N/A		N/A		50,144		136,011		186,155
Total Development Construction in Progress		8,337,691		742.7		$3,523,484		$2,782,860		$6,306,344
Enhancement & Other						$9,824		$19,256		$29,080
Recurring						10,465		36,790		47,255
Total Construction in Progress				795.6		$3,650,776		$2,838,906		$6,489,682

(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

(2) Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.

(3) Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.

(4) Represents improvements in progress as of March 31, 2022 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

(5) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through March 31, 2022. Excludes costs incurred by unconsolidated joint ventures.

(7) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are considered active construction work. Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.

27

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		First Quarter 2022

	Three Months Ended
	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
Non-Recurring Capital Expenditures (1)
Development		$430,947		$648,615		$581,853		$505,942		$439,793
Enhancements and Other Non-Recurring		5,387		2,241		411		102		58
Total Non-Recurring Capital Expenditures		$436,334		$650,856		$582,264		$506,044		$439,851
Recurring Capital Expenditures (2)		$46,770		$87,550		$50,800		$39,231		$39,522
Total Direct Capital Expenditures		$483,104		$738,406		$633,064		$545,275		$479,373
Indirect Capital Expenditures
Capitalized Interest		$14,751		$15,328		$15,142		$11,558		$11,434
Capitalized Overhead		20,879		18,963		18,423		16,090		17,716
Total Indirect Capital Expenditures		$35,630		$34,291		$33,565		$27,648		$29,150
Total Improvements to and Advances for Investment in Real Estate		$518,734		$772,697		$666,629		$572,923		$508,523
Consolidated Portfolio Net Rentable Square Feet (3)		31,551,302		31,457,664		31,620,833		31,753,051		31,356,257

(1) Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.

(2) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(3) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

28

Development Lifecycle – Held for Development		Financial Supplement
Dollars in Thousands		First Quarter 2022

	Land Inventory (1)						Space Held for Development
			Land -		Land -			Total
	# of		Held for		Current		# of	Square	Current
Metropolitan Area	Locations	Acres	Development		Development		Locations	Feet	Investment (2)
Atlanta	—	—		—		—	1	313,581		$25,621
Boston	—	—		—		—	1	50,649		23,623
Chicago	1	1.4		—		$25,578	6	148,101		52,284
Dallas	2	114.0		$33,112		—	2	28,094		3,133
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		50,025	4	72,832		17,034
Northern Virginia	7	576.3		30,978		498,067	5	128,234		2,128
Silicon Valley	1	13.0		—		71,060	1	130,752		14,499
North America	12	726.2		$64,090		$644,730	21	886,212		$141,047
Amsterdam	1	4.4		—		$27,715	2	94,452		$35,115
Athens	1	0.9		—		3,537	—	—		—
Dublin	2	5.0		6,126		—	—	—		—
Frankfurt	1	12.0		—		133,507	—	—		—
London	1	6.7		16,876		—	3	95,832		30,893
Madrid	1	1.8		19,911		—	—	—		—
Paris	2	8.4		—		36,635	—	—		—
Zurich	1	2.6		—		20,133	—	—		—
EMEA	10	41.9		$42,913		$221,528	5	190,284		$66,008
Melbourne	1	4.1		—		$4,459	—	—		—
Seoul	1	4.9		—		70,266	—	—		—
Sydney	1	18.5		—		74,313	—	—		—
Asia Pacific	3	27.5		—		$149,038	—	—		—
Consolidated Portfolio	25	795.6		$107,003		$1,015,295	26	1,076,496		$207,055

(1) Represents locations acquired to support ground-up development.

(2) Represents costs incurred through March 31, 2022. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

Note: Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.

29

Acquisitions / Dipositions/ Joint Ventures		Financial Supplement
Dollars in Thousands		First Quarter 2022

Closed Acquisitions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Acquisition	Metropolitan	Date	Purchase	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Acquired	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
Zurich 4 (5)	Land	Zurich	2/28/2022	$20,700	—	—	—	—	—
Canton de la Courneuve (6)	Land	Paris	2/28/2022	132,005	—	—	—	—	—
Ambattur Estate (7)	Land	Chennai	2/9/2022	33,560	—	—	—	—	—
Total	—	—	—	$186,265	—	—	—	—	—

Closed Dispositions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Disposition	Metropolitan	Date	Sale	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Disposed	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
	—	—	—	—	—	—	—	—	—
Total	—	—	—	—	—	—	—	—	—

Closed Joint Venture Contributions:

					Net
					Rentable	Square Feet	Square Feet	% of Total Net
	Metropolitan		Contribution	Cap	Square	Under	Held For	Rentable Square
Property	Area	Date	Price	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
	—	—	—	—	—	—	—	—
Total	—	—	—	—	—	—	—	—

(1) Represents the purchase price or sale price, as applicable, before contractual adjustments, transaction expenses, taxes and potential currency fluctuations.

(2) We calculate the cash capitalization rate on acquisitions, dispositions and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, customer bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to customers.

(3) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(4) Occupancy excludes space under development and space held for development.

(5) Based on a spot rate of 1.087x CHF to USD as of March 31, 2022.

(6) Based on a spot rate of 1.113x EUR to USD as of March 31, 2022. Total purchase price of $132 million reflects total estimated minimum rent plus the call option strike price exercisable after six years.

(7) Site was acquired by BAM Digital Realty, a 50/50 joint venture between Digital Realty and Brookfield Infrastructure Partners. Digital Realty’s pro rata share of the purchase price was approximately $17 million.

30

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands		First Quarter 2022

Summary Balance Sheet -	As of March 31, 2022
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total
Undepreciated book value of operating real estate		$1,194,685	$1,124,195	$1,293,685	$184,088	$781,570	$458,799	$5,037,023
Accumulated depreciation & amortization		(201,883)	(81,489)	(11,253)	(53,496)	(100,381)	(20,931)	(469,432)
Net Book Value of Operating Real Estate		$992,802	$1,042,706	$1,282,432	$130,593	$681,189	$437,868	$4,567,591
Cash		130,067	$194,910	$26,729	$8,551	34,314	11,030	405,602
Other assets		1,338,793	163,419	189,007	10,096	197,206	47,833	1,946,355
Total Assets		$2,461,663	$1,401,035	$1,498,168	$149,240	$912,709	$496,731	$6,919,547
Debt		899,538	354,974	347,153	—	—	120,999	1,722,665
Other liabilities		171,374	168,317	34,085	10,635	25,233	137,035	546,678
Equity / (deficit)		1,390,751	877,744	1,116,930	138,606	887,477	238,698	4,650,205
Total Liabilities and Equity		$2,461,663	$1,401,035	$1,498,168	$149,240	$912,709	$496,731	$6,919,547
Digital Realty's ownership percentage		49% (3)	50%	41% (4)	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$458,764	$177,487	$143,028	—	—	$33,955	$813,234

Summary Statement of Operations -	Three Months Ended March 31, 2022
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total
Total revenues		$59,303	$41,027	$28,023	$6,227	$28,458	$9,008	$172,047
Operating expenses		(23,178)	(21,807)	(8,723)	(2,143)	(11,988)	(3,450)	(71,289)
Net Operating Income (NOI)		$36,125	$19,220	$19,301	$4,085	$16,471	$5,558	$100,758
Straight-line rent		—	(2,326)	(2,945)	102	(640)	(98)	(5,907)
Above and below market rent		—	—	(1,141)	—	178	—	(962)
Cash Net Operating Income (NOI)		$36,125	$16,894	$15,215	$4,187	$16,009	$5,459	$93,889
Interest expense		($30,222)	($697)	($1,230)	($0)	($3)	($2,861)	($35,014)
Depreciation & amortization		(22,992)	(9,813)	(15,959)	(2,287)	(17,385)	(1,460)	(69,896)
Other income / (expense)		(2,442)	(2,899)	(4,203)	(260)	(1,268)	(1,264)	(12,335)
FX remeasurement on USD debt		135,134	—	—	—	—	—	135,134
Total Non-Operating Expenses		$79,478	($13,409)	($21,392)	($2,547)	($18,656)	($5,585)	$17,889
Net Income / (Loss)		$115,603	$5,811	($2,092)	$1,538	($2,186)	($28)	$118,647
Digital Realty's ownership percentage		49% (3)	50%	41% (4)	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$18,424	$9,610	$7,952	$2,042	$3,294	$1,893	$43,215
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$18,424	$8,447	$6,268	$2,093	$3,202	$1,879	$40,313
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		$58,744	$2,906	($857)	$769	($437)	($167)	$60,958
Digital Realty's Pro Rata Share of core FFO (5)		$1,551	$7,812	$5,718	$1,912	$3,040	$149	$20,182
Digital Realty's Fee Income from Joint Ventures		—	$23	$2,332	$159	$771	$88	$3,373

(1) Formerly known as 33 Chun Choi Street.

(2) Includes Medallion, Clise, Colovore, Menlo, Starwood, Walsh, and BAM Digital Realty joint ventures.

(3) Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.

(4) As of March 31, 2022 Digital Realty owns approximately 35% of Digital Core REIT and separately owns 10% retained interest in the underlying operating properties.

(5) For a definition of core FFO, see page 33.

31

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands		First Quarter 2022

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Net Income Available to Common Stockholders		$63,101	$1,057,630	$124,094	$127,370	$372,406
Interest		66,725	71,762	71,417	75,014	75,653
Loss from early extinguishment of debt		51,135	325	—	—	18,347
Income tax expense (benefit)		13,244	3,961	13,709	47,582	7,547
Depreciation & amortization		382,132	378,883	369,035	368,981	369,733
EBITDA		$576,337	$1,512,561	$578,255	$618,946	$843,686
Unconsolidated JV real estate related depreciation & amortization		29,319	24,146	21,293	20,983	19,378
Unconsolidated JV interest expense and tax expense		21,111	15,222	11,008	15,523	8,786
Severance, equity acceleration, and legal expenses		2,077	1,003	1,377	2,536	2,427
Transaction and integration expenses		11,968	12,427	13,804	7,075	14,120
(Gain) / loss on sale of investments		(2,770)	(1,047,011)	635	(499)	(333,921)
Impairment of investments in real estate		—	18,291	—	—	—
Other non-core adjustments, net		(48,858)	14,307	(28,745)	(60,308)	38,575
Non-controlling interests		3,629	22,587	2,266	4,544	8,756
Preferred stock dividends, including undeclared dividends		10,181	10,181	10,181	11,885	13,514
(Gain on) / Issuance costs associated with redeemed preferred stock		—	—	—	(18,000)	—
Adjusted EBITDA		$602,994	$583,713	$610,074	$602,685	$615,321

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the definitions section.

	Three Months Ended
Financial Ratios		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Total GAAP interest expense		$66,725	$71,762	$71,417	$75,014	$75,653
Capitalized interest		14,751	15,328	15,142	11,558	11,434
Change in accrued interest and other non-cash amounts		52,324	(37,974)	17,820	(43,604)	44,620
Cash Interest Expense (2)		$133,800	$49,116	$104,379	$42,968	$131,707
Preferred dividends		10,181	10,181	10,181	11,885	13,514
Total Fixed Charges (3)		$91,657	$97,271	$96,740	$98,457	$100,601
Coverage
Interest coverage ratio (4)		6.1x	6.0x	6.5x	6.1x	6.6x
Cash interest coverage ratio (5)		4.0x	9.8x	5.4x	10.9x	4.5x
Fixed charge coverage ratio (6)		5.5x	5.4x	5.8x	5.4x	5.8x
Cash fixed charge coverage ratio (7)		3.7x	8.3x	5.0x	9.0x	4.1x
Leverage
Debt to total enterprise value (8) (9)		25.5%	20.5%	24.8%	23.9%	24.1%
Debt plus preferred stock to total enterprise value (10)		26.8%	21.7%	26.1%	25.2%	25.9%
Pre-tax income to interest expense (11)		2.2x	16.2x	2.9x	2.7x	6.2x
Net Debt to Adjusted EBITDA (12)		6.3x	6.1x	6.0x	6.0x	5.6x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

(5) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).

(6) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(7) Adjusted EBITDA divided by the sum of cash interest expense, and preferred dividends (including our pro rata share of unconsolidated joint venture cash fixed charges).

(8) Mortgage debt and other loans divided by market value of common equity plus debt plus preferred stock.

(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(10) Same as (8), except numerator includes preferred stock.

(11) Calculated as net income plus interest expense divided by GAAP interest expense.

(12) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated of joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		First Quarter 2022

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax (expense) benefit, (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

33

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		First Quarter 2022

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated JV debt, less unrestricted cash and cash equivalents (including our share of unconsolidated JV cash) divided by the product of Adjusted EBITDA (inclusive of our share of unconsolidated JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended March 31, 2022, GAAP interest expense was $67 million, capitalized interest was $15 million and scheduled debt principal payments and preferred dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended
(in thousands)	31-Mar-22		31-Dec-21		31-Mar-21
Operating income		$141,236		$131,498		$192,519
Fee income		(5,757)		(4,133)		(2,426)
Other income		(15)		(200)		(59)
Depreciation and amortization		382,132		378,883		369,733
General and administrative		96,435		103,705		97,568
Severance, equity acceleration, and legal expenses		2,077		1,003		2,427
Transaction expenses		11,968		12,427		14,120
Impairment in investments in real estate		—		18,291		—
Other expenses		7,657		(1)		(257)
Net Operating Income		$635,734		$641,472		$673,624
Cash Net Operating Income (Cash NOI)
Net Operating Income		$635,734		$641,472		$673,624
Straight-line rental revenue		(6,530)		(16,345)		(18,606)
Straight-line rental expense		3,646		5,453		6,750
Above- and below-market rent amortization		335		910		2,136
Cash Net Operating Income		$633,185		$631,490		$663,904

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Forward-Looking Statements		Financial Supplement
		First Quarter 2022

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, our expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, core FFO and net income, 2022 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 2022 backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

● reduced demand for data centers or decreases in information technology spending;

● increased competition or available supply of data center space;

● decreased rental rates, increased operating costs or increased vacancy rates;

● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;

● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;

● our ability to attract and retain customers;

● breaches of our obligations or restrictions under our contracts with our customers;

● our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;

● the impact of current global and local economic, credit and market conditions;

● our inability to retain data center space that we lease or sublease from third parties;

● global supply chain or procurement disruptions, or increased supply chain costs;

● information security and data privacy breaches;

● difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;

● our failure to successfully integrate and operate acquired or developed properties or businesses;

● difficulties in identifying properties to acquire and completing acquisitions;

● risks related to joint venture investments, including as a result of our lack of control of such investments;

● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;

● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

● financial market fluctuations and changes in foreign currency exchange rates;

● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

● impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19;

● environmental liabilities, risks related to natural disastersand our inability to achieve our sustainability goals;

● our inability to comply with rulesand regulations applicable to our company;

● Digital Realty Trust,Inc.’s failure to maintain its status as a REIT for federal income tax purposes;

● Digital Realty Trust,L.P.’s failure to qualify as a partnership for federal income tax purposes;

● restrictions on our ability to engage in certain business activities;

● changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and

● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2021 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

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